In 2024, the world accepted that artificial intelligence is here to stay.
Pessimism and skepticism about AI—especially in the creative domain—has given way to acceptance and, in some cases, even optimism about the technology. your story Covering all this and more.
Companies today are hiring for roles that didn’t exist before — AI trainers, ethical AI architects, and chief AI executives at the C-suite level. These jobs require new skills and pay a premium salary compared to what typical tech roles offer.
your story He also looked at how AI is creating jobs in rural areas. With large language models (LLMs) and voice translation powered by a rural workforce, India’s AI boom is on the verge of a breakthrough that could empower millions.
AI is also changing data infrastructure in India, increasing demand for computing power and storage. This growth has put considerable strain on existing data centers — the country has 1,300 AI companies but hosts only 150 of the world’s 11,000 data centers. To keep up with the demand for data storage and processing, data center operators in India are expanding their facilities.
The year also saw the emergence of new buzzword-AI agents. Unlike chatbots, these agents can perform tasks, make decisions, and take actions independently without human intervention.
Srikanth Nadhamuni, one of the architects of Aadhaar, is creating new-age banking solutions leveraging AI at Trust, an AI-powered SaaS-based core banking platform that helps consumers send and withdraw money, make payments and access various types of banking. and consumer-related products and services in its merchant network.
Keeping in view the changing times, Indian startups are shifting from pure-play SaaS products to incorporating Gen AI into their offerings.
GenAI startups are quickly raising funds to fuel their global ambitions. In the first half of 2024, these startups collectively secured $760 million, reflecting investor confidence in the sector. An EY report suggests that India’s adoption of GenAI could add $359 billion-$438 billion to the country’s GDP.
As new technologies evolve, one question remains: Can GenAI truly replicate human creativity?
In the broader tech industry, GCCs or global competence centers, once synonymous with grunt work and low pay, have boosted recruitment and are offering better career opportunities to both young graduates and experienced employees.
Meanwhile, technology is also shaping India’s spiritual space. Apps like Astrotalk and AppsForBharat, which offer astrology and devotional technology services, have not only gained traction among users but have also raised funds and seen substantial revenue growth.
“Astrology is a $15 billion offline market. And it’s more suitable to take online because you don’t need to meet the astrologer in person. Today, all consultations have gone online, medical consultations and so on. Astrology was a place that was waiting to be moved online. ,” says Naveen Honagudi, managing partner at venture capital firm Elev8 Venture Partners.
Even in the year 2024, there was a huge jump in the price of Bitcoin. After its disastrous fall to around $18,000 in 2022 following the collapse of major crypto exchanges like FTX, the cryptocurrency made a spectacular comeback this year – breaching the psychological $106,000 mark on December 16.
Now, how long Bitcoin’s rally will last is anyone’s guess.
From an investment perspective, crypto has emerged as a long-term opportunity, and Indian investors are placing calculated bets on the currency to diversify their investment portfolios.
Exclusive interview
Here’s what change makers and industry leaders have to say about their journeys in their respective industries.
Banking in CRM: Arundhati Bhattacharya, president and CEO of Salesforce India, talks about building the India division of global CRM (customer relationship management) platform Salesforce from her role as chairperson of India’s largest public sector bank.
Drone Dream: Ankit Mehta, co-founder and CEO of drone startup Ideaforge, gives a glimpse into his journey of building a hardware startup from scratch and his passion for building things, especially mobile robots.
Flexibility: KP Ramasamy, founder and chairman of KPR Group, has built a profitable business by employing thousands of women and training them for future success. The company has a market cap of ~Rs 28,400 crore, and is one of the largest apparel manufacturers in India. Beyond market cap, KPR’s story is one of tenacity and tenacity.
Building an ecosystem
Production Center: Factory, an on-demand manufacturer-centric platform, and BharatAgri, an agricultural technology and advisory platform are building solutions for India. Their efforts are relevant as middle India – or the middle 60% of India’s income pyramid – has the largest untapped opportunities in the country. The demand potential from this sector, which constitutes ~400 million Indians, is immense.
Bihar for Business: Nitish Mishra, Minister for Industries and Tourism, Government of Bihar, believes that the state is facing perception bias and wants to change it. Read about how the state is encouraging entrepreneurs.
Another Startup Hub: Odisha, with its rich cultural tapestry and diverse landscape, has set its sights on a bold, innovative future. The state wants to be one of the top three startup destinations in the country.
Manufactured in India: India offers a company scale that is not available elsewhere. “You build to scale in India, you build for the world,” says Subram Natarajan, director of customer engineering at Google Cloud.
Other stories are important
Health and Wellness: Dr Ranjan Shetty has a theory of fitness, which he calls “SEP” or “Systematic Exercise Plan”. It is similar to a mutual fund SIP, in the sense that a SEP involves building up systematic tolerance by working regularly.
Women in Indian Cinema: In August, the Kerala government released the Justice K Hema Committee report which revealed widespread sexual harassment of women in Malayalam cinema. Based on the report. His story spoke to a cross-section of women working in Indian cinema to understand the challenges they face on and off the sets.
An entrepreneur’s journey: Music director Ramesh Vinayakam became a startup founder at the age of 57. He has developed Gammaka Box, a notation system for Indian classical music that uses symbols and lines to help learners understand melodic movements and ornaments. Vinayakam’s entrepreneurial journey has had many struggles, including skepticism — and even disdain — from fellow musicians, as well as lack of funding. Here is his story.